For the month of January, Juan had an unpaid balance on a credit card statement of $832.50 at the beginning of the month and made purchases of $675.00. A payment of $400.00 was made during the month. If the interest rate was 2% per month on the unpaid balance, find the finance charge and the new balance on February 1.

In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.